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Professionals Play Minimax

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Author Info
Ignacio Palacios-Huerta

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Abstract

The implications of the Minimax theorem are tested using natural data. The tests use a unique data set from penalty kicks in professional soccer games. In this natural setting experts play a one-shot two-person zero-sum game. The results of the tests are remarkably consistent with equilibrium play in every respect: (i) winning probabilities are statistically identical across strategies for players; (ii) players' choices are serially independent. The tests have substantial power to distinguish equilibrium play from disequilibrium alternatives. These results represent the first time that both implications of von Neumann's Minimax theorem are supported under natural conditions. Copyright The Review of Economic Studies Limited, 2003.

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File URL: http://www.blackwellpublishing.com/issue.asp?ref=0034-6527&vid=70&iid=2&oc=&s=&site=1
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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 70 (2003)
Issue (Month): 2 (04)
Pages: 395-415
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Handle: RePEc:bla:restud:v:70:y:2003:i:2:p:395-415

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  1. V. Bhaskar, 2004. "Rational Adversaries? Evidence from Randomized Trials in the Game of Cricket," Economics Discussion Papers 578, University of Essex, Department of Economics. [Downloadable!]
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  2. Peter Dawson & Stephen Dobson, 2008. "The Influence of Social Pressure and Nationality on Individual Decisions: Evidence from the Behaviour of Referees," Working Papers 0809, International Association of Sports Economists. [Downloadable!]
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  3. Jose Apesteguia & Ignacio Palacios-Huerta, 2008. "Psychological Pressure in Competitive Environments: Evidence from a Randomized Natural Experiment," Economics Working Papers 1116, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  4. Kenneth Kovash & Steven D. Levitt, 2009. "Professionals Do Not Play Minimax: Evidence from Major League Baseball and the National Football League," NBER Working Papers 15347, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Stephen Dobson & John Goddard, 2008. "Strategic behaviour and risk taking in football," Working Papers 2008/7, Nottingham Trent University, Nottingham Business School, Economics Division. [Downloadable!]
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  6. Bar-Eli, Michael & Azar, Ofer H. & Ritov, Ilana & Keidar-Levin, Yael & Schein, Galit, 2005. "Action bias among elite soccer goalkeepers: The case of penalty kicks," MPRA Paper 4477, University Library of Munich, Germany. [Downloadable!]
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  7. Moschini, GianCarlo, 2008. "Incentives and Outcomes in a Strategic Setting: The 3-Points-for-a-Win System in Soccer," Staff General Research Papers 12942, Iowa State University, Department of Economics. [Downloadable!]
  8. Antonio Cabrales & Jose Ramon Uriarte, 2008. "Doubts and equilibria," Economics Working Papers we080905, Universidad Carlos III, Departamento de Economía. [Downloadable!]
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    • Antonio Cabrales & José Ramón Uriarte Ayo, 2008. "Doubts and Equilibria," IKERLANAK 200831, Universidad del País Vasco - Departamento de Fundamentos del Análisis Económico I. [Downloadable!]
  9. Spiliopoulos, Leonidas, 2009. "Pattern recognition and subjective belief learning in repeated mixed strategy games," MPRA Paper 6666, University Library of Munich, Germany. [Downloadable!]
  10. Gallice, Andrea, 2007. "Best Responding to What? A Behavioral Approach to One Shot Play in 2x2 Games," Discussion Papers in Economics 1365, University of Munich, Department of Economics. [Downloadable!]
  11. Thomas J. Dohmen, 2005. "Do Professionals Choke Under Pressure?," IZA Discussion Papers 1905, Institute for the Study of Labor (IZA). [Downloadable!]
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  12. Gaudeul, Alexia, 2009. "A (micro) course in microeconomic theory for MSc students," MPRA Paper 15388, University Library of Munich, Germany. [Downloadable!]
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  13. Carrillo, Juan D, 2006. "Penalty Shoot-Outs: Before or After Extra Time?," CEPR Discussion Papers 5579, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  14. Pedro Garcia-del-Barrio & Stefan Szymanski, 2009. "Goal! Profit Maximization Versus Win Maximization in Soccer," Review of Industrial Organization, Springer, vol. 34(1), pages 45-68, February. [Downloadable!] (restricted)
  15. Massimiliano Landi & Domenico Colucci, 2005. "Rational and boundedly rational behavior in sender-receiver games," Working Papers 14-2006, Singapore Management University, School of Economics, revised May 2006. [Downloadable!]
  16. Brocas, Isabelle & Carrillo, Juan D, 2002. "Do the 'Three-Point Victory' and 'Golden Goal' Rules Make Soccer More Exciting? A Theoretical Analysis of a Simple Game," CEPR Discussion Papers 3266, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  17. Shih-Hsun Hsu & Chen-Ying Huang & Cheng-Tao Tang, 2007. "Minimax Play at Wimbledon: Comment," American Economic Review, American Economic Association, vol. 97(1), pages 517-523, March. [Downloadable!]
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